The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.

The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.

The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.

The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.

At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.

No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.

“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.

The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

In a related development, the country’s external reserves have risen above $34bn for the first time in more than two and a half months, according to the CBN.

The reserves, which had been wobbling in recent weeks, jumped from $33.40bn at the end of July to $34.02bn on August 31, the highest since June 9.

The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

Arda1000:
oni kure shut ur zombie trap up,we are happy that our darling daddy uncle Bubu is working we are happy and will continue to be faithful zombies( shout out to our chief epic zombie mana griller) ur good work in moving Nigeria to next level is highly acknowledged

hisexcellency34:
And Buhari is still retaining that dullard called Emefiele

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

hisexcellency34:
And Buhari is still retaining that dullard called Emefiele

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

joyandfaith:


Lagos-ibadan rail.
Borrowing is not good for any economy.

thebosstrevor1:


Every country borrow, the main issue is what are you borrowing for?

For infrastructures or to pay salaries

The disadvantage is that it is the citizens that will have to pay for the debts through increase in tax for the duration of the debt payment

SarkinYarki:


Sharap jare ..instead of you to blast your useless Buhari you want to blame innocent Nigerians ..how many Nigerians can even afford to save in Dollars ?no be who chop bellefull dey save for dollars ...... I warned about the effects of the clumsy handling of the the BDC ban and the side effects that would arise but yet people like your argued ...the current slide of the Naira is 100 percent Emeiefele fault , his poorly thought out and executed action against BDCs caused this

gidob:


Instead of you to address the cause of the issue (Buhari's incompetency) you are attacking people who are suffering from his incompetence.

Blind loyalty....

thebosstrevor1:


And where did I blame Nigerians

Is the fall in the price of oil also emeiefele fault?

Abeg no carry your frustration near me.

If you don't have any solution, shut up

thebosstrevor1:


Every country borrow, the main issue is what are you borrowing for?

For infrastructures or to pay salaries

The disadvantage is that it is the citizens that will have to pay for the debts through increase in tax for the duration of the debt payment

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

vedaxcool:


You are wasting your time with those shallow brain goons.

thebosstrevor1:


And where did I blame Nigerians

Is the fall in the price of oil also emeiefele fault?

Abeg no carry your frustration near me.

If you don't have any solution, shut up

thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.